Bitcoin is virtual money that allows users to go about their business online, but without having the inconvenience or risk of having to deal with credit cards or their personal information. The currency is not controlled by a central authority such as the Federal Reserve.
The answer is many things. Bitcoin is a virtual currency that needs to be accepted by online storefronts to use the currency. That is not to say that you’ll only find stores that you haven’t heard of accepting the currency. There are many top manufacturers like Dell that accept Bitcoin. Dell is possibly the largest retailer that accepts the virtual currency, allowing Bitcoin users to buy computers and accessories through their Dell site, and to pay for their purchases in Bitcoins. However, there are processing fees when using Bitcoin currency, which can reach up to 2.75 percent.
Mining for Bitcoins is solving the mathematical problems or codes, which then releases Bitcoins. Bitcoin mining is much like the Gold Rush Days, only with Bitcoin there are only a certain number of Bitcoins, so the adrenaline is taking over with miners and hackers alike seeking their fortunes.
Bitcoin transactions have low fees. These fees fluctuate and depend on the dynamic fee market. To speed up your transactions, you can pay a certain Bitcoin fee.
Bitcoin has a record for security and privacy, thanks to its protocol and cryptography. With private keys, individuals’ wallets are kept secure. This is the most secure way to transact